Goldman Sachs shares rise after solid earnings
Profit at the bank during the July-September period was US$5.1 billion, up 33% from the year-ago level but down 20% from the second quarter.
Goldman Sachs announced a substantial increase in third-quarter earnings, surpassing expectations despite a cooling market environment. The New York-based financial giant reported a profit of US$5.1 billion, marking a 33% increase year-over-year but a 20% drop from the previous quarter. Total revenue grew by 23% to US$18.7 billion.
While revenue in sectors like fixed income, currency, and commodities remained relatively stable, equities trading saw a remarkable 72% rise compared to the same period last year. Investment banking fees also saw growth due to an uptick in mergers, initial public offerings, and secondary equity offerings. However, Goldman's backlog of investment banking fees declined compared to the second quarter's end.
Despite the challenging global landscape, CEO David Solomon expressed confidence in the firm's ability to continue serving clients effectively. In response to the results, Goldman shares experienced a 2.9% increase in pre-market trading.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Goldman Sachs quarterly profit rises on equities strength investing.com
- Goldman Sachs upgrades equities and government bonds amid rising yields hedgeweek.com
- Goldman Sachs shares rise after solid earnings freemalaysiatoday.com
- Bank earnings live updates: JPMorgan, Wells Fargo, Goldman Sachs and Citigroup report cnbc.com
- Goldman Sachs posted $17.01 per-share earnings, beating estimates by 32% qz.com
- Goldman Sachs GAAP EPS of $17.01 beats by $3.92, revenue of $18.68B beats by $1.79B seekingalpha.com
